Recent Advances in Neo-Schumpeterian Economics

Recent Advances in Neo-Schumpeterian Economics

Essays in Honour of Horst Hanusch

Edited by Andreas Pyka, Uwe Cantner, Alfred Greiner and Thomas Kuhn

This judicious selection of recent essays demonstrates the applicability of the fundamental principles of neo-Schumpeterian economics, namely, innovation and uncertainty. The authors demonstrate how neo-Schumpeterian economics is developing into a comprehensive economic theory encompassing industry, the public sector and financial markets.

Chapter 3: Marshall and Schumpeter: Evolution and the Institutions of Capitalism

Stanley Metcalfe

Subjects: economics and finance, economics of innovation, evolutionary economics, innovation and technology, economics of innovation

Extract

Stanley Metcalfe PREFACE It is a pleasure and an honour to contribute to this Festschrift in celebration of the scholarly life and contributions of Prof. Dr Horst Hanusch. As a founding member and ongoing secretary of the International J.A. Schumpeter Society, he has stimulated countless scholars and students to think long, hard and productively about the contribution that a Schumpeterian vision and analysis makes to our understanding of modern economic life. For this alone we owe him a great deal, and this contribution is a token of my own deep appreciation of all that Prof. Hanusch has contributed to this field of endeavour. It is no diminution of the importance of Schumpeter’s work that I have chosen to base this chapter on a comparison of his writing with that of Alfred Marshall, for both are evolutionary economists in the modern meaning of that term. Were they alive today, I have not the slightest doubt that they would be active contributors to the Journal of Evolutionary Economics, on which Prof. Hanusch continues to exert a great, guiding influence. Marshall would surely have been a member of the Society too, and Schumpeter as well: how grand to be a member of one’s own society – he would certainly have enjoyed that. INTRODUCTION1 Joseph Schumpeter stands, without question, as one of the great social scientists of the twentieth century, an intellectual giant whose work not only inspired research into the role of innovation in the development of capitalist economies, but also provided the foundations...

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